Prices are testing above resistance is at 82.61, the 100%Fibonacci expansion. A confirmed break higher on a close above this boundary targets the 123.6% level at 84.33. Pending a completed breakout, near-term support remains at 81.78, the 76.4% expansion. A drop below that eyes the 61.8% mark at 81.26.

Forex_Analysis_USDJPY_Classic_Technical_Report_12.12.2012_body_Picture_1.png, Forex Analysis: USD/JPY Classic Technical Report 12.12.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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